It goes without saying that, as parents, we want the best for our children’s future. We don’t know what they will pursue once they grow up, but we want to give them every opportunity to succeed. One of the effective methods to prepare a child for success is creating and contributing to child investment accounts.
The Problems Parents Face
Parents encounter various challenges when saving for their child’s future. The fundamental steps to child investment accounts are straightforward: establishing an account, initiating early contributions, and making regular deposits. The initial setup process can be difficult with all the options. Once parents manage to do so, they often find themselves as the sole contributors. Now, let us delve further into these issues.
Choosing an Account
When parents consider opening an account, they can feel overwhelmed by the options. What kinds of accounts are available? Which account type is the best and why? Should parents open multiple accounts, or is one enough? And what are the risks associated with each account type? Not to mention the tax implications! With these questions in mind, many parents hesitate or choose not to open an account.
Read more about choosing an account type here.
Contributing To The Account
Once the account is set up, parents encounter the challenge of contributing and assuming a parent deposits as much money as they can afford. Whether a one-time or recurring deposit, the issue of increasing contributions to the child’s account arises. One possible solution is to seek contributions from friends and family members.
Getting Friends and Family Involved
Asking friends and family for contributions can be challenging due to various reasons. First, the process of contributing can often be cumbersome by requiring multiple pieces of information to be deposited into the account. Additionally, each investment account may have a different procedure.
Another issue is that depositing into an account can feel impersonal, like a mere transaction on a bank statement. The child who is supposed to benefit from the gift is not involved at all, resulting in a lack of emotional connection for both the giver and the recipient.
Asking for money can be uncomfortable, especially if it happens frequently. It may be perceived as being greedy. Despite the situation, suggesting money as a gift can always result in an awkward conversation. Considering these challenges, it becomes apparent that asking for contributions is not a reasonable request. As a result, parents remain the sole contributors to the account.
YoorKids Makes It Easy To Save
Parents, there is a solution. Introducing the YoorKids app, a user-friendly platform that enables parents to set up their child’s investment account for the child’s community to contribute while making it feel like a gift easily. This includes family, friends, neighbors, teachers, coaches, clergy, and anyone interested in the child’s life. Rather than asking for money, the community sees the child’s events and accomplishments and decides on their own to contribute.
Moreover, the app assists parents in making informed decisions about the best investment account(s) for their child. This way, they can open an account and invest early with confidence. The child’s financial future becomes increasingly promising with the community’s support.
The app is not only a win for parents, it also offers great benefits to the child and the gift giver. The app allows gift givers to personalize their financial gifts with heartfelt messages, photos, and videos. So the child receives the personalized digital gift now and the money as a young adult later, when they really need it. Finally, parents aren’t the only ones saving for the child’s future anymore, and giving money feels like a gift!
Read more about YoorKids.
Getting Started
If a parent still needs to set up a child investment account at the financial institution of their choice, YoorKids will help them decide which account is best. Any account with a routing and account number can be used to receive gifts for the child’s benefit. After downloading the app, the parent will create a receiving profile for each of their children and link the appropriate account to the kid’s profile. There is no cost to the parent or child for setting up the account or receiving contributions!
Invite The Community to Get Involved
Being the sole contributor(s) to an investment account can be a daunting task. Why not let everyone caring for a child’s well-being join the cause?
Here’s a little secret: they want to! After the parent has created the child’s profile in the app, they can connect with friends and family in the app. Additionally, they can create events in the app that encourage and remind community members to contribute. Imagine how many people in your community would contribute to these events if they had an easy way that felt like a gift:
- Birthdays
- Holidays
- Birth of a Child
- Graduation
- Good Report Card
- Sport Achievement
- Band/Choir Accomplishment
- School Recognition
- Faith Milestones
Advantages of YoorKids
There are many reasons why YoorKids is a winning solution for parents who want to grow their child’s future wealth, including its community aspect, ease of use, secure platform, bring your account feature, financial literacy, and no cost to parents.
Include Loved Ones
YoorKids enables the whole community to be involved in empowering a child’s future. A child’s community cares about them and wants to be a part of building their future, so connect them to the child’s profile by sending them a connection request. The more contributors to an account, the better!
It Only Takes Minutes
Its user-friendly interface makes it easy to set up profiles and invite others to join. A child’s profile can be created and ready to receive contributions within minutes.
Safe and Secure
The platform is completely secure and allows contributions without sharing sensitive info with people wanting to gift contributions. Unlike other contribution processes, YoorKids never asks parents to share sensitive information like account numbers or social security numbers with contributors. Once the parent sets up the profile and links an investment account in the app with our secure process, they never have to share that info again.
Financial Literacy
YoorKids allows parents to share the experience of receiving the gift with their child. Looking at the photos, videos, and personalized messages creates the perfect opportunity to discuss their accounts and show them how their value is growing over time. Ongoing discussions about money, investing, and saving between parents and children are important for a kid’s future financial well-being.
Click here to learn when to start talking money with your child.
No Cost
Best of all, setting up the child’s profile and receiving gifts is free! The gift giver pays the fees so the parents and children can truly enjoy the gift.
Join Our Community
YoorKids is changing the way parents build their children’s investment accounts. The app guides how to choose the right investment account and is the easy-to-use solution for getting the community involved in making a difference in children’s lives. It creates opportunities for families to talk about money and finance so that they can plan for a successful future together. Join the YoorKids community today!
